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Losing your job. Voluntary redundancy. Make a budget Search the job market. Can you afford to take voluntary redundancy? Confirm your redundancy settlement. Make sure you get a redundancy settlement figure in writing from your employer. Are you insured if you take voluntary redundancy? Check the small print. What benefits are you entitled to if you take voluntary redundancy?
To find out what you might be entitled to, use a benefit calculator on the GOV. UK website. You can also make a claim for these benefits online through the GOV. Find the one closest to you on the nidirect website. Back to top. Make a budget. Join our Facebook group. Search the job market.
Check out the current job market on the GOV. Find out more in our guides: Changing your career following redundancy How to start a business or become self-employed. Was this information useful? Yes No. Thank you for your feedback. Share this article. Email Facebook Twitter. More options. Share this with. WhatsApp LinkedIn. Explore this topic Close Losing your job. Facing redundancy Managing money if your job is at risk Can you insure yourself against redundancy? Unfair dismissal versus redundancy Voluntary redundancy Your legal rights when facing redundancy Redundancy pay calculator.
Explore this topic Close Facing redundancy Managing money if your job is at risk Can you insure yourself against redundancy? Talk to us live Talk to us live for…. Talk to us live for… Pensions guidance. Talk to us live for… Money guidance. Talk to us live for…. Talk to us live for pensions guidance using. Online form. Web chat. Previous Close. Talk to us live for money guidance using…. You may be tempted to take voluntary redundancy by the thought of a big pay off.
Before volunteering for redundancy, you should consider the following factors. Compulsory redundancy occurs when an employer decides to reduce staffing, but they choose who leaves.
Although the employee can negotiate with their employer, the employee cannot ultimately refuse redundancy. This can be distressing for workers who do not wish to leave. If you are being made redundant, then you must be compensated for the loss of your job. The exact amount and duration of the compensation will depend on the terms of your contract.
If you lose your job and your ex-employer hires someone else to do the same work, this is not redundancy. The size of a redundancy settlement is vital. The amount you get depends on several factors including the length of your employment at the company, your age, and your pay grade.
Voluntary redundancy payouts from your employer are usually higher than statutory payments. These are the general guidelines:. You can use a voluntary redundancy calculator to calculate how much statutory redundancy you can get from the government.
The calculations are based on your age, the pay you received and how long you have been on the job. You must have worked for at least 2 years for your employer to qualify for statutory redundancy pay. Click here for an online calculator to work out your redundancy pay.
First, add up your usual spending on housing, food, utilities, transportation, and other essentials. Then, work out how long your redundancy payment will last. This will give you a good idea of how long you will have to find another job. Ask yourself: is this a realistic timeframe for you to find a new job?
If your answer to these questions is no, then this may not be the best option for you. If you are nearing retirement, then voluntary redundancy could be a good option as you may only have a few months left before you reach the pension age.
Your employer may suggest that you voluntarily take early retirement instead. You should thoroughly research both options and how they will impact your personal finances and pension differently. However, if you are not yet nearing retirement, then this may be the time to consider a change of career, so search for information about the job market before you take this life-changing step. It is important for you to make sure that you will be financially covered before deciding to go for redundancy.
You do not want to walk away from your current job position only to find that you have to take out payday loans online to pay for your living expenses.
Take the time to come up with a realistic financial plan that will help you make the best decision. An employer must give you the correct amount of notice before making you redundant, whether the redundancy is voluntary or compulsory.
If your employer has offered you voluntary redundancy, then use this period to look for another position. Unless you are in a situation where you are ready to retire, then finding another job is a priority, so start immediately to look for work. If you have decided that voluntary redundancy is the path you want to take, now is the time to think about your work priorities. Many people who have lost their job have used the opportunity to gain further expertise in their fields or else change their career.
This is an excellent time to reassess if you want to continue working in your current field or consider a career change. A change of direction at work may require new skills.
Think about retraining, either using a college course or free classes on offer at the Job Centre. You might also be able to negotiate your notice period with your employer. You need to look carefully at the financial impact of each option, including how it will affect:. Read more about pensions and money after retirement. Contact your nearest Citizens Advice if your employer suggests you take early retirement instead of voluntary redundancy.
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